I owe close to $1,000 for federal and state taxes.
This is due to lack of a 401(k) this year – I could’ve brought down my taxable income by $15,500 if only my employer offered the 401(k) option to me. (Do you see why I am such a huge fan of a “universal” or “private” 401K? Any policy wonks listening? We need non-employer-based income-deferral program outside of IRA, please.).
I will have to wait for my paycheck to come in (April 15) before I e-file my return (April 15) and pay up to Uncle Sam.
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Ugh! That’s rough! I’m sorry to hear about the large payment!
Yikes! That’s a huge number!
Eek….I don’t like that one bit.
Do you get 1099ed? If you’re a contractor, you can use the self-employed IRAs, which are way better than 401(k)s.
Aw, I’m so sorry! That really sucks.
Wow, a company with lots of high-paid employees should really offer a retirement plan! I’m setting something up called a SIMPLE IRA for my company, which has only a handful of employees. The deferral limits are lower but it’s much cheaper for the company to offer, as long as it has less than 100 employees.
That is pretty lame of them.
They could simply raise the IRA limits to 21,500 (16,500 + 5000 — are those curr maxes?) for those w/out 401k. Then you can decide how much to pay pre-tax and post-tax yourself.
But honestly, I haven’t heard anything about this idea actually being considered and you’d have better luck petitioning your employer to start up a 401k!
Lately I’ve heard more cries that “401ks have failed us!” Well, if you are 65 you shouldn’t be 90% in stocks…
That still sounds odd. I don’t pay into a 401k and still got quite a bit back. Are you declaring yourself?
I’m far more in favor of Universal healthcare.
Do you already have a regular IRA? I’m getting a little money back but it’s due to all my overtime. If I don’t work much OT I usually ending up having to pay come tax time.
That’s lame your company doesn’t offer one. I have proved very bad at saving my own money but my 457 comes right out of my paycheck so I don’t even see that money. What vehicle are you using to save for retirement now, a Roth?
I had to pay in for the first time this year as well. I am guessing it’s because I did not pay into a 401k this year. I could have but without the employee match I didn’t think it was worth the hassle. Gah, now I sort of feel like it would have been.
Eeek!
I think you make to much for a roth anyway
Oh boy. I’ve only had to pay taxes once. It was $150 or so and I was 17. Yes, I’ve been doing my own taxes since I was 15 (worked with a permit). There’s such a science to taxes and thank God I’m blessed with a 401K. I’m also blessed with HEFTY student loans bills, which suck for my net and disposable income, but help me greatly at the end of the year. I did my taxes the third week in January online. Had my money before February 15th and paid down a debt accordingly.
I always laugh at people who wait until 4/15 to do their taxes, but now I see why. I’d wait that long too if I owed money.
Ouch! I thought I was going to owe so I didn’t do my taxes until 4/14. Cutting it close huh?! Well, to my surprise, i am getting a refund. I guess not working the last month of the year helped me out.
I personally would never expect a tax refund if you make well above the poverty line – however, you might want to check out contributing on a pre-tax basis to an HSA (Health Savings Account) in the future. Assuming you are in your 20's, our generation is projected to need $250,000 in retirement to cover out of pocket medical expenses. Not only is that quite an amount to save up, but I am sure you could probably even find some use for your current medical expenses (contacts, glasses, copays, etc).
HSAs are a great tax free way to do this. I say tax free, because if you use the account for health related costs the money is NEVER taxed. The only "catch" is that you must contribute to a higher deductible medical insurance plan. Chances are high these plans are cheaper than lower deductible plans.
Nope.. basically all W2 income. Basically all NOT deferred.
Man oh man am I with you about the universal 401k. My employer doesn’t offer a 401k either… i max out my Roth IRA, but then what? No more tax advantage for me. Ugh.
Sally – I wish such is the case! I qualify for a Roth and have contributed the maximum to it every year since 2006. But it’s after-tax – doesn’t do anything for lowering my taxable income.
I love your beagle!! Are they really as curious / prone to wander off as I’ve read?
I contribute to a Roth so I can’t do the tax-deductible traditional IRA.